NZDCHF Descending Channel| Local S/R| .618 Fibonacci| Swing Low Evening Traders,
Today’s second analysis – NZDCHF – trading in a descending channel where a break bullish is probable,
Points to consider,
- Price Action Range
- Local S/R Support
- Daily S/R objective
- Oscillators neutral
- Volume below average
NZDCHF’s immediate price action is range bound trading, breaking bullish from channel will allow for long positions.
Local S/R is current support in confluence with the .618 Fibonacci, price action holding this level is crucial for our bullish bias.
The Daily S/R is immediate target; price action exceeding this level will lead to a trend continuation.
Both oscillators are currently neutral, momentum shifts in either direction is probable based on the current midpoint.
Volume is clearly below average, an influx is highly probable at the next trade location.
Overall, in my opinion, NZDCHF is a valid long with defined risk; price action is to be used upon discretion/ management of trade.
Hope this analysis helps
Thank you for following my work!
And remember,
A streak of winning trades can boost your ego and self-confidence to such an extent that you start believing that you’re invincible. If that is the case, try to take a break from trading to calm your emotions down.
